Global Entertainment Corporation's Automotive Subsidiary — Cragar Industries — Licenses Its Legendary Cragar® Brand to Vehicle Conversion Company, Accubuilt, Inc

Business Wire, May 2, 2007

Addition of Specialty Vehicle Manufacturer Broadens Reach of Famed CRAGAR[R] Brand into $31.5 Billion Automotive Aftermarket and New Car Dealer Market Segments

PHOENIX -- Global Entertainment Corporation (AMEX: GEE), a company engaged in sports management, arena and related real estate development, facility and venue management and marketing, venue ticketing and brand licensing, today announced that its subsidiary Cragar Industries has signed a licensing agreement with Accubuilt, Inc. Accubuilt is a diversified specialty vehicle manufacturer that traces its roots back more than 128 years. It is well known for its quality and innovation in funeral coaches, limousines, passenger, executive sedans and vans, stretched SUVs, and dominates the wheelchair and non-emergency transportation commercial van market. Accubuilt has built high quality van and truck conversions for nearly two decades. In 1992, Accubuilt was granted a bailment pool company status by the Ford Motor Company, an important competitive advantage in Accubuilt's markets that allowed the company to order vehicle chassis directly from Ford to complete the required conversion work. The pool chassis allows a converter to obtain chassis more quickly and at less cost than when ordering directly from a retail dealer. Accubuilt is the leading manufacturer of specialty-manufactured vehicles.

This is a strategic step in Cragar Industries' plan to leverage one of the most famous automotive trademarks in history, CRAGAR([R]), into a master brand of authentic, performance-based aftermarket parts and products for select, late model, domestic cars, trucks and SUVs. In addition, CRAGAR([R]) has launched a new line of special edition vehicles based on the Ford Mustang and F150 truck.

Beginning with the muscle car era of the 1960s, the CRAGAR([R]) brand became forever associated with muscle cars and America's passion for drag racing, customizing, and hot-rodding. Accubuilt has the combined manufacturing and sales ability to propel the growth of this new Cragar special edition line. The explosive growth special edition vehicles combined with the resurgence of the American muscle car, create new opportunities to capitalize on America's passion and desire for CRAGAR([R]) branded performance products and vehicles.

Cragar Vice President of Business Development, Sean McGarry commented, "The Accubuilt licensing agreement is another key part of a master licensing program we have underway for the CRAGAR[R] brand. With Accubuilt Cragar is now able to expand its brand presence directly into the new car dealerships. This is a great new sales channel for Cragar and a great opportunity to expand the sales of Cragar branded product. The new F150 design and performance is staying true to its old-school heritage, everything with the CRAGAR([R]) brand must be authentic ... real-deal."

Mike Graber, President of Accubuilt Truck and Van division, stated, "Accubuilt has over 15 years bailment manufacturing experience with Ford and its dealers, and CRAGAR([R]) has a 75-year legacy in the automotive racing and performance segments. Combining the CRAGAR([R])brand with Accubuilt's abilities will provide car buyers with great-quality specialty vehicles under a brand they trust. We're very excited about our new partnership with Cragar."

Visit our web sites:

www.globalentertainment2000.com            www.centralhockeyleague.com
  www.coliseums.com            www.Cragar.com          www.GetTix.net

Global Entertainment Corporation is an integrated events and entertainment company focused on mid-size communities that is engaged, through its seven wholly owned subsidiaries, in sports management, multi-purpose events and entertainment center and related real estate development, facility and venue management and marketing, venue ticketing and brand licensing. The Western Professional Hockey League, Inc., through a joint operating agreement with the Central Hockey League, is the operator and franchisor of professional minor league hockey teams in nine states. International Coliseums Company serves as project manager for arena development while Encore Facility Management coordinates all arena facility operations. Global Entertainment Marketing Systems (GEMS) pursues licensing and marketing opportunities related to the Company's sports management and arena developments and operations. Global Properties I in correlation with arena development projects works to maximize value and development potential of new properties. Global Entertainment Ticketing (GetTix.Net) is an in-house ticketing company for sports and entertainment venues. Cragar Industries, Inc. is the licensor for its nationally recognized, branded products CRAGAR[R], TRUSPOKE[R], CRAGAR S/S[R] and STREET PRO[R].

Certain statements in this release may be "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of capital expenditures; projections of growth; hiring plans; plans for future operations; financing needs or plans; plans relating to the company's products and services; and assumptions relating to the foregoing.